KriyaGo - Blog by Kriyago

How improving CAM reconciliation can help improve your leasing strategies

Fri, 21 Oct 2022 09:00:00 -0400

The Common Area Maintenance or CAM reconciliation process can be a very hectic task, especially when it comes to commercial real estate businesses. With multiple properties to handle, it can be overwhelming. But CAM reconciliation is crucial nonetheless and property managers can not afford to avoid it. CAM is a part of every lease shared with tenants, and a lot of monetary transaction banks on it for any property owner or manager. Due to missing data and discrepancies in agreements, landlords stand to lose a lot of money. Though this process is tedious, you still need to ace it to get maximum return on your ROI.

You need to better your strategies in handling CAM work to improve your leasing strategies.

Read this blog to understand the details of how CAM reconciliation negatively impacts real estate and how improving it can benefit you.

The adverse impact of flawed CAM Reconciliation

Some CAM areas might be easier to understand, like property taxes and insurance calculations. But the essential maintenance part can be very tricky given that a standard charge is divided among multiple stakeholders of different units in the same building. Any data error can simply lead to overcharging or undercharging tenants and messing up your lease agreement. Here are a few of the grave impacts of imperfect CAM reconciliation on your real estate business,

The conflict between landlord and tenant and extended negative impact on business growth.
Inaccurate cost classifications
Due to miscalculations, landlords paid out of their own pockets for CAM work when lease agreements said otherwise.
Wrongful interpretation of lease terms and conditions leading to uninhabitable conditions.

Also impacts tax payments in the end when lack of data leads to tenants paying less than what is required of them.
It can be a major legal battle when you have improper expense classification in your buildings and units. You need to thoroughly recheck all data before assigning expenses to each building to not lose out on tenants.

How proper CAM Reconciliation can help improve the situation

CAM reconciliation has an obvious impact on the finances of your business. But the CAM reconciliation process also can help landlords maintain their position in the real estate market and also improve their property leasing strategies. Let’s talk more about that to help you understand why you need to rethink your CAM work.

• Improved tenant relations

In most lease agreements, tenants feel that their landlord is overcharging them for things that are not their responsibility. The legal terms and everything can be open to interpretation, and all stakeholders want to steer it their way and gain some. Lack of expense invoices can lead to tenants paying more, or no proper statements can have landlords earning less. In both cases, the long-standing relationships are jeopardized.

Improved landlord and tenant relations can help in lease renewals, low tenant turnovers and improved reputation in the market. But when you keep clarity in your CAM reconciliation process and have proof for all expenses, then your tenants gain trust in your work ethic. Also, when there is transparency, all your payments are released on time, and your leasing strategies see a positive boost.

• Getting better sales in a competitive market

When you improve your tenant relations, it also makes your holding on the market much stronger. In this competitive market, if the reputation of your real estate business takes a hit, then your sales will go down. The commercial real estate market has already suffered a lot due to the pandemic.

As a leasing strategy, landlords and property managers can choose to provide some incentives in their CAM charges and retain long-term tenants. A controlled and streamlined CAM reconciliation process can help you better this process. A proper technology implementation plan can help solve this. Yardi CAM reconciliation software is one such provider that can give you quick CAM solutions. This software will also draw up valuable insights from the industry and stay ahead in the competition to drive sales. Strategically automating your CAM reconciliation work can get you more control over your lease agreements.

• Revamping and negotiating the future lease agreements

When you as a project manager have a stable image of doing great CAM reconciliation work, you can easily negotiate new terms during your lease renewals and new agreements. Staying clear about costs and providing enough data to help tenants understand every point of your CAM statement is one of the best project management best practices that you can establish.

Taking inspiration from previous reconciliation work, you can even come up with agreement terms and conditions that are beneficial for all stakeholders. This will help establish a stable foundation for your business. You can even get real estate lease audits done by neutral third-party auditors to straighten facts in your lease.

Why you should outsource your CAM Reconciliation work for a better lease strategy

Are you stressed out about the CAM reconciliation process? Don’t be when you can simply outsource the work to experts and shed the load from your shoulders. A team of experts who have done CAM reconciliation work for years can help you save money, better your tenant relations and find useful data to increase sales. An outsourced service provider will also have access to the latest technology, which you can leverage to automate the CAM work.

At KriyaGo, we have the needed professional resources, a team who will customize them based on your business needs and stay within your budget. Fromauditing leases to lease abstraction services and finally getting CAM reconciliation, our team can do it all.

Final Take

Though CAM charges vary from property to property, there are some common charges that are the same for most properties. Like pest control, insurance, utilities, security, etc. You need to keep constant track of these to manage your portfolio's daily operations properly. From financial stability and seamless cash flow to improved leasing strategies, proper CAM reconciliation work can have a lot of great impacts.

This volatile real estate market does not depend on the chance to establish a proper CAM process. Take charge and outsource your work to industry experts. Call KriyaGo today and understand how we work. Talk soon!

Top 7 Best Practices for Better CAM Reconciliation

Thu, 20 Oct 2022 09:30:00 -0400

A real estate business has a lot of paperwork; it might be monotonous, but it is extremely important to run the business smoothly. One of these crucial but tedious works is CAM reconciliation or Common Area Maintenance Reconciliation work. Though this is a part of the more extensive lease agreement, a CAM reconciliation alone can be an overwhelming task. When not followed to the T, you can be up for more significant legal and compliance battles.

CAM reconciliation in itself involves a lot of legal documents and complex language. But property management must go through them with a fine-tooth comb to never overcharge or undercharge tenants and lose money. How do you do it? Here are a few project management best practices for excellent CAM reconciliation work. Read the full blog to know where to start.

Why do you need flawless CAM Reconciliation?

An essential need of CAM reconciliation is the money property managers, and owners retrieve from CAM can be reused to maintain the property. Another primary reason is that most tenants feel they are not supposed to pay for the things they are made to pay for. With proper reconciliation practices, you can make your tenants understand why the money is essential and how it benefits them in the end.

7 ways to get better CAM Reconciliation?

CAM reconciliation is an extensive and strenuous task; here are a few of the best practices that can ease the job for you.

1. Begin with a detailed expense review

This is the first step to getting a spotless CAM reconciliation report for your real estate business. Make sure all expenses and spending are accounted for. Every penny counts, and you need to have proper documents before you present it to the tenants. Never give your tenants a chance to question your integrity due to gross human errors in reviewing expenses. This must include month-to-month expenditure and vendor invoices. You can also go the extra mile and compare your CAM reconciliation with last year’s to get a better internal review.

2. Never negotiate on your standard maintenance fees

When you send out a lease and sign a contract with tenants, new or old, you must ensure that there are no discrepancies in maintenance fees. Be it 3-4%, make sure that your tenants understand that the money is for their benefit at the end of the day. Due to unprecedented events, you choose to waive off the fees for some tenants; you might open up flood gates for other tenants to ask for such favors constantly.

3. Be updated about special requirements

As a property manager, you must know that CAM reconciliation in real estate is not the same for all kinds of tenants. Restaurants, stores and office spaces all have special CAM reconciliation rules and regulations. If you are not updated about them, it is a major fault in your system.

4. Keep your documents audit-ready at all times

From getting third-party documents to keeping track of invoices, keeping your documents lease audit-ready has many different tasks. If you need reports from your insurance providers or need invoices from vendors, do not forget to ask for them and get them documented before you finish your CAM reconciliation.

Lease auditors cross-check with lease agreement data with actual charges made in CAM reconciliation to keep work on track. This is a very detailed process, and you can land in a lot of legal trouble if not.

5. Consider outsourcing your CAM Reconciliation work

Back office outsourcing services are becoming increasingly prevalent to help companies save costs and labor. Without adequate expert staff, you can lose out on money and land in trouble. CAM reconciliations are filled with legal jargon and complex clauses, and it is best to get the work outsourced. Outsourcing the work will get you the best resources, and you pay for them when you need them. You do not have to pay for these expert staff full-time. They will help obtain comprehensible data that you can work with and streamline your workflow for better management.

This is why more than 78% of businesses across all domains are outsourcing their tedious office work for better efficiency. The KriyaGo CAM reconciliation services provide your real estate business with professional resources and boost profitability. Our team also helps you solve all irregularities in your documents and save you additional money on audit issues.

6. Put careful thought into checking accuracy

Run your internal due diligence and ensure that all CAM charges are calculated and filed as per gross leasable area occupied. Before you present your reconciliation to your tenants, you must ensure that all charges are accurate. You need to calculate gross-ups and expense caps, account for capital investments, and confirm the tenant stay term. You must also keep track of tenant turnovers and move-out timelines to allocate charges accordingly.

7. General ledger review

Though this might be one of the most boring and time-consuming tasks, it is one of the most essential too. As a property manager, you must ensure that all bills are sent to the correct buildings and units. Handling multiple real estate properties under one portfolio might make mix-ups real easy, but you can not keep any window. You must review and recheck the general ledger multiple times to ensure that every account is filed to the right property and reconciled on time. If you do this with proper care, you can even file escalation charges when things are not paid on time.

Summing Up

Proper technology selection in project management can be challenging. That is why at KriyaGo, we let you leverage the best of technology in real estate property management and back office work to get the job done. Your CAM reconciliation work will no longer be a significant monetary affair and an extra burden on your shoulders. We will do the heavy lifting of back office tasks while you focus on growth.

If you want to simplify and streamline your CAM reconciliation process, get in touch with the KriyaGo consultants. Talk to us in detail to know more.

7 Reasons Why Your Business Needs Accounts Payable Automation

Wed, 14 Sep 2022 09:00:00 -0400

There are multiple layers of work in an Accounts system. Accounts Payable is probably one of the most crucial parts of it. It is what runs the cash flow of the company and determines your expenditure. From invoice tracking, recording keeping, processing and clearing payments, it has many different aspects.

When the bookkeeping season starts the process becomes even more hectic because of a lot of extra work to close books. It can become extremely hard to keep track of all accounts if your business is set out for growth. But you also can not afford to miss out on payments to avoid conflict. An automated Accounts Payable system is the best answer to this.

7 Reasons why an automated Accounts Payable system will work for your business

Are you overwhelmed by the increasing and complicated accounts payable lists of your company? Then outsourced accounting services might be the best solution for your business. KriyaGo’s back office accounting services can help you automate your system. We will guide you every step of the way and make the transition smooth and hassle-free. Pick up a call with us today and discuss your business needs with us. This will ease the life of your back office employees and you can reassign them to better front office work.

Here are a few of the reasons why you should start automating the accounts payable system immediately.

1. Save overhead cost

When you automate and outsource your Accounts Payables you get expert help when needed. Highly skilled professionals will work on your account and there will be no chance of discrepancies. Why is this important? Not only do you not have to pay for these experts throughout the year, but these people will also give you valuable insights. Your in-house semi-skilled team might not be well equipped with the minute industry knowledge and will reflect in your bookkeeping if you don’t take charge. These insights will also save you from further penalties.

More than 60% of companies feel that they have very little knowledge of accounting and that is the crux of the matter. You need to identify your weakness and get back office outsourcing services to address the matter.

2. No chance of losing manual invoices

If you have an automated system then both your invoices and payments will be electronic. This leaves no chance for disparities and loss of documents or money. As many as 64% of businesses across the world insist that they want to shift to e-payments to avoid the hassle.

The automated system will not need you to process each payment individually and there will be no delay. You shed the load off your back and reassign your staff to other work. Get the heavy lifting accounting work done by the outsourcing partner.

3. Complete track of all transactions

When you do things online or in the cloud all transactions have history and evidence. There is hardly any chance for fraud or missing cash in such systems. There can be no financial fraud because all payments in an automated system are approval based. No transactions can work without the authorities giving a go-ahead, saving you the headache of money loss.

When the system is automated you also have evidence of who authorised which payment making the process hard to breach.

4. Get easy and quicker approvals

When vendors are breathing down your neck, getting manual approval on each invoice can become a hectic task. When all the invoices are uploaded in the automated system you can get approvals on the go and process transactions in a few clicks. You can also process approvals and payments remotely without physically being at your office desk.

5. No chance for human errors

Human errors in the Accounts Payable process can lead to a lot of double payments or non-payments due to gross overlook. Any vendor or supplier is bound to lose trust if they do not receive payments on time due to minor errors by your accounting team. To avoid such bad business you need an Accounts Payable automation system in place.

The data tells you why. Market statistics say that a business that depends on automated system accounting is 33% more likely to pay their Accounts Payable on time than manual ones.

6. Benefit from early payment discounts

There are many vendors out there who give early-bird discounts to loyal customers. You can reap the benefits of this with an automated Accounts Payable system. Re-evaluate your strategy and leadership well and understand how this can save money for you. Vendors provide as much as 1.5-2% of average discounts on early payments which means you can add them up and save thousands of dollars at the end of the year. The same survey also reveals that more than 62% of vendors want to be paid early. You can leverage this data with an automated Accounts Payable system to spend less money.

7. No legal or audit issues

As an automated Accounts Payable system works in a systematic manner there can be no delay in payments. All transactions work on their own based on set dates and other criteria. You can land into legal or audit issues due to non-compliance with regulations. The analysed data will be quickly ready on the automated system and can be readily produced in front of audit enquiries.

KPMG findings also say that audit and tax are making a digital shift all across the world, post-pandemic. This means if you automate your accounts system then the whole system will be easier for you as well. Audits will no longer mean sweating over discrepancies in Account Payables and Receivables and an easy end to the tax season.

Final Thoughts

Research data says that when a company automates their Accounts Payable process it cuts down paperwork significantly. It also increases the work efficiency of employees when the tedious data entry is lifted off their shoulders.

Handling this humongous and complicated process on your own is troublesome. You must get outsourced accounting services to simplify it. We at KriyaGo are waiting to help you get your Accounts Payable system automated and error-free. Want to know the minute details about how it works? Book a free consultation with and talk soon.

Common mistakes CRE property managers commit while making CAM statements

Mon, 12 Sep 2022 09:30:00 -0400

Common Area Maintenance is a highly complex task in itself. The CAM reconciliation process can be a further hassle due to the multiple stakeholder involvement. It is time-consuming and tedious, but extremely important to have proper reconciliation done. Commercial Real Estate CAM reconciliation process is even more complex. Why? Commercial lease agreements are filled with huge volumes of paperwork and complex legal matter. Though these might seem trivial, non-compliance to these might lead to long-drawn legal battles with tenants and authorities alike.

What major mistakes do commercial real estate landlords and property managers make while drawing CAM statements? Read this article to understand them in detail and avoid further roadblocks.

What are the major pitfalls in CAM statements?

All retail business outlets to multi-family homes come under the Commercial Real Estate CAM system. Compiling a comprehensible CAM statement for these is a herculean task. Most CRE property managers and landlords spend sleep-less nights over perfecting this. With deadlines looming over your head, there might be many pitfalls that you forget to consider.

Here are the most commonly overlooked mistakes that you as a property manager should avoid.

• Inaccurate expense allocation

If you forget to keep track of proper bills, invoices for maintenance, gross-ups, capital investment, your CAM reconciliation will suffer. You must also account for expense caps and not overcharge tenants than their lease tenure. When you manage multiple properties and tenants simultaneously, slip-ups can happen. But these can be grave mistakes in permanently damaging your tenant relations.

Property managers' poor expense allocation can lead to tenants paying less than what is due and negatively impacts ROI.

• Inconsistent process of making CAM statements

Most real estate companies use DYI processes to conduct their CAM reconciliation process. But reconciliation in real estate is a very complicated process. When you use inexperienced staff to get the work done, you open yourself up for significant problems. The hurdles can be indefinite, from inconsistency in the work process to manual data entry errors. Lack of proper record-keeping operational expense tracking is a terrible business process. But most real estate businesses do not record expenses right when they approve payments; most do it from memory at a later date. There is very little chance that you will remember all data without inconsistencies resulting in overcharging or undercharging tenants and losing money.

Do you find this process too tedious? You can always opt for a CAM reconciliation outsourcing partner. KriyaGo offers CAM reconciliation; our team has top-notch resources to streamline your real estate business process.

• No internal audits before presenting CAM statement to tenants

As a property manager, if you forget to conduct internal audits of lease agreements and CAM statements before presenting them to your tenants, that is a problem. Why? These are all formal documents with many jargons; you must internally audit your statements to get your facts and numbers in order and consistent across all documents. If the statement you produce in front of your tenants at the year-end has inconsistencies, your tenants will lose faith in you. Though this might just be a gross mistake on your partner, it can have a long-term ripple effect leading to bad business.

• Misinterpreting legal lease terms

Every Commercial Real Estate property has different lease terms, with special clauses for all. From restaurants, warehouses to malls and hospitals, all have their own lease rules and regulations. If you do not know or misinterpret these complex terms, it can negatively impact business. Most Commercial Real Estate businesses lack the expert resources to handle this level of work. This can be highly detrimental for your business and accounts work.

• Excessive management fees

Do you end up changing your management fees for every tenant? This is a major damaging factor to the business. Standard property management fees lie between 4 - 7% for an average property. It can scale depending on the number of units handled. If you end up charging more than the market average, your tenants will feel burdened by the additional costs. You can not indulge in rebates or extra charges based on personal relations.

• No ledger review

If you handle multiple properties and units simultaneously, it is easy to mix up data. Did you end up sending bills and CAM statements of one property to the other? Charged incorrect invoices to other buildings than the original? This is damaging to your image and overall tenant relations, negatively impacting business.

• No annual CAM budget

As a property manager, it is your responsibility to hand out an appropriately detailed CAM budget at the beginning of each lease term. Your tenants need to be well-prepared for what is coming their way. If you fail to do so, you might see a lot of tenant turnover. You must give your tenants an understanding of the workings, expenditure plans and building trends before charging them to ensure better tenant relationships.

How CAM Reconciliation can be easier with KriyaGo

Understanding which expenses come under the tenant's purview and which come under the landlords is a strenuous task. Only knowledgeable industry experts know the right way around this. This is why outsourcing is the best way to let others do the heavy lifting for you.

The KriyaGo CAM reconciliation services will help you save money, resolve irregularities and boost profitability. We will also provide you with expert professional resources and CAM reconciliation software to work on your CAM statement without you having to pay for them full-time. There is no chance of improper billing or statements when you partner with us. It will all positively show in your real estate business ROI in the long run.

Concluding

A flawless CAM reconciliation statement easily translates into better trust between tenants and property managers. It is a common occurrence where tenants believe that landlords are overcharging them. Tenants will see reason when you ensure you present a concrete, precise, and understandable statement. Do not let CAM clauses in your lease agreement remain open to interpretation for your tenants. A well-versed CAM reconciliation outsourcing partner will get it done for you.

Contact the KriyaGo CAM reconciliation team to know how we work. Talk to us soon to know more!

How application support can help you realise the true potential of your property management software

Fri, 09 Sep 2022 09:00:00 -0400

For any real estate business owner and manager, their professional life is filled with their own duties and juggling around many odd jobs. Manually doing these multiple odd jobs can turn into a huge curveball in the long run. From rent collections to sending reminders for payments, there can be endless little tasks to look after. It is nearly impossible for any human to do these alone and also keep up with their growth plans.

This is where property management software come into play. They help you make your business independent and automate the smallest of tasks, from rent collection to accounting. But, no two real estate businesses are the same. So, only getting any pre-set software integrated into your system might not be the ultimate solution. You need application support and software feature customisation based on your specific business needs. This will help your real estate business in making its own impression in the market. With proper application support and system customisation, you will get ahead of your competitors.

How can application support help better your property management software?

COVID-19 has grilled the economy and businesses across the world and many have filed for bankruptcy and closed doors forever. The real estate business world is not far behind in feeling the ripple effects of the pandemic.

In fact, it has hit the real estate business quite hard. The market has become extremely volatile with the constant changes in governmental rules and regulations. But since the beginning of 2022 things have slowly started getting back to normal. Most property managers are trying to get ahead of this curve by getting property management software to ease their tasks and keep up with market trends. Yes, this can be highly beneficial if you know the right ways to use the software to its true potential, otherwise, it can become a rather redundant purchase. This is why you need application support to be your expert guide through the software integration process.

Here are a few ways you can benefit from application support.

• Application support for customized features

Any popular software in the market is bound to have a set number of features in play. But these features might not be enough for some of your minute business needs. But it does not end there, you can get application support partners to customise this software. From need-based specific features to in-depth market insights, the right application support will provide it all.

• Better chance at business scalability

You might change up-scale or down-scale your business growth plans based on your budgets and other factors. But a generic property management software might not be able to keep up with your constantly changing plans. Application support will give you this exact space to plan your way forward as per your own capacities. Deloitte research says that more than 14% of real estate businesses plan to double their investment in technology. But investing and making proper use of the tech are two different affairs. You need usable industry insights to make your tech investment have a positive impact on your ROI.

• Dedicated 24/7 support for better efficiency

A proper application support provider will also provide you with constant technical support. From handling technical glitches to mitigating unprecedented pitfalls, you will get all of it at your fingertips. This will help lessen security threats, bugs and constantly better your efficiency. Blindly following market trends is not the solution you need, you need solutions that work best for you. That is why you also need a reliable application support provider to fall back on.

• Better user experience

Market survey says more than 90% of marketers feel personalisations can positively benefit your business. When users have a smooth and personalised experience on your platform, they will surely want to stay in business with you. From seamless rent payment to tenant support, you can get all of these features integrated into your property management software. This will provide you with just the right edge over hundreds of other players in the market and better your credibility with potential customers.

• Cut short on the compatibility issues

Many a time property management software have features that are not compatible with your existing system. Application support can help work around this problem. The KriyaGo team will adapt your software post assessing your future plans, expectations and needs. Not only will we tailor-make strategies for you, but our implementation consultants will help make all the features highly compatible with your working system.

• Major time server

If you get property management software then it should rightly do that. But a half-baked software solution will only make your life as a real estate business owner even more complicated. It is not just about implementing the latest tech, it is also about which one will help you save time, money and labor. Custom features to get the everyday tedious yet important tasks done on time is the best solution for hassle-free business. This application support will free up valuable time for your in-house staff and let them focus on other important matters of business.

Major Takeaway

According to the National Association of Realtors (NAR) research group, more than 97% of home buyers now do online research before talking to property managers. The home-buying trends are changing, and PropTech is becoming an everyday reality with the increase of millennial home purchases. You need to adapt to this trend faster than ever. From a good online presence to great software solutions to better the customer experience on your platforms, you need to do it all.

The KriyaGo team of experts is here to help with that. We will help in the technology selection in project management and also provide application support for optimum resource utilization. Every member in our system have years of experience in application support and will ensure a complete adoption of your software. Why waste valuable time in getting the right support for your property management plans? Call us now and book a free consultation to discuss this in detail.

How lease audits can help you achieve your goals

Wed, 07 Sep 2022 09:00:00 -0400

As Financial Accounting Standards Board (FASB) released new lease standards, you must get a proper lease audit to stay on track. This has complicated the lease abstraction process, which is one of the biggest reasons you need to audit your lease. If you do not have all your data and terms in place, sticking to compliance and regulations can become a problem.

Your real estate strategy and leadership body need to assess their needs for a lease audit and immediately start. Only then will you understand, analyze and get usable data from your lease abstractions and smoothen your business plans. You need a team of lease audits to correctly take care of this process.

Are lease audits a blessing in disguise?

The process of lease audits might be complicated and seem redundant, but they are not. They can be handy to keep you updated on FASB standards and establish better tenant relations. There are many benefits beyond this that can positively benefit your system.

• Crucial for problem resolution

FASB constantly keeps updating their standards and guidelines, and you need to get your lease updated accordingly. It is a constant process, and a proper lease audit can help you ensure that all agreements are running smoothly. There are many complex clauses and terms in the agreements that are beyond comprehension for inexperienced. That can be a roadblock if you do not get an expert from the industry who has a working knowledge of comprehending and analyzing leases. A lease audit partner can help mitigate that in time.

• Better tenant relations

A lease agreement document forms the backbone of any new or old tenant-landlord relationship. If there are any faults, your tenant might mistrust you and permanently hamper the relationship. When non-experienced people interpret leases, they can come to various conclusions and end up in confusion. That is why a lease audit will help draw up concrete conclusions that are comprehensible for all parties involved. All terms of the lease will be simplified for you, and you can quickly resolve your problems with tenants before they curveball into a significant issue.

• Identify errors in the agreement

In reality, lease agreements are these huge bulky documents filled with errors opening you up for legal battles. These can be human errors, but they can end up losing a lot of money and your reputation. A lease audit can set the record straight before you go down that rabbit hole of harming your business.

• Efficient portfolio management

When you have to handle numerous properties and units, pilling up leases can make portfolio management difficult. When property managers have multiple duties coming their way, it becomes hard for them to keep track of legal lease documents. How about letting your property manager manage the properties while a lease auditor who knows these documents inside outdo the work? This will help you manage your portfolio better and even save up time for expansion.

• Better data management

A lease auditor can help you quickly identify data discrepancies between systems and straighten them out. They will also help you understand if your balances and payments add up and cross-check them with finances and account holdings. It will give you a chance to understand if your lease terms and clauses are profitable and where you have a chance for improvement.

• Perfect CAM Reconciliation

CAM is a major portion of any lease agreement, and this is where most real estate owners and managers lose money. A lease auditor will look into this part of the agreement to. They will ensure both you and your tenants keep up with your bargain ends to maintain a healthy relationship.

Why should you outsource your lease audit work?

You can get experienced help in this complicated task without employing them full-time when you outsource your lease audit work. These experts will know precisely where to look within those bulky documents to get the correct data for you. That is why more than 78% of companies worldwide feel good about outsourcing their work to partner firms.

• Third-party neutrality

Your tenants will gain more faith in you when you get a third-party outsourced lease audit partner. A third-party auditor is neutral to landlords and tenants and has no vested interest in benefitting either. This is the best way for you to go to reach a fair settlement.

• Uncover overspending areas

Your lease might have you spending more than you need. When a lease auditor takes a look at your business functions, they will help you realise potential areas of growth. Doing the lease audit internally will not let you find these faulty areas.

• Quick turnover

Trained professionals who are solely concentrated on your lease abstraction work are sure to have a quicker turnaround than your internal team. An inexperienced internal team will not have the right expertise and bandwidth to meet all deadlines and keep up with compliances at the same time.

• Latest tech usage

Human data entry errors are as high as 4%. That is a big area you can cover when you outsource your work. A proper lease audit partner will use a proper selection of top-notch technology and software to streamline the work. This will eventually benefit you in getting error-free work without paying to buy the whole software and install it.

Selecting the best outsourcing partner for your lease audits

In recent years outsourcing lease audits and getting accurate audit reports has helped companies save a lot of money. It has also helped build a lot of healthy and transparent tenant-landlord relations. You need to keep your goals in mind while selecting your lease audit outsourcing partner.

At KriyaGo, we have a team of lease audit experts and the best technology for you to leverage. We analyze and derive valuable data from bulky leases and find you the best industry insights to work with. We have experienced professionals to help you with all lease-related issues, from lease audits to lease abstractions. To find out more about our services, contact the team today. Book a consultation call and talk to us soon!

How MiCasa provides practical solutions for your property management tech needs

Mon, 05 Sep 2022 09:00:00 -0400

MiCasa is one of the best property management software when your business is running on a budget. From property management to streamlining the communication system in real estate firms, MiCasa comes to use in multiple needs.

Want to understand the uses of MiCasa for your real estate business? Though MiCasa is popularly known as a property management software, integrating it into your system will solve workflow management and back office work. It is constantly updated and improved by the developers. Read this article to learn more about the diverse uses of MiCasa and how the KriyaGo team can help you integrate it.

How MiCasa is the best solution for SMEs

If you are a small or medium-sized real estate business owner, MiCasa is your best bet to automate your property management plans. How so? Yes, MiCasa does not necessarily have highly-specialized features. But, it has all the essential features you need to start your journey with any property management software. If your business is yet to start using Software as a Service (SaaS) and is looking to get an idea, then MiCasa is the right fit. It can be your stepping stone to help you take your business to new heights and automate your workflow. It might not be a good fit for big real estate firms with minute needs, but it is an attractive solution for a small business running on a tight budget. This software can readily update itself according to your portfolio growth and increased tasks.

What all does MiCasa offer?

MiCasa is a software with multiple uses that can help automate your tasks. This technology selection in project management will transform how you view your real estate business. Read on to understand the diverse offerings of MiCasa.

• Inventory management plans

When you run a real estate business, it is crucial that you know the status of your properties, renovation needs and more. MiCasa can help you automate these tasks without breaking a sweat over them. No more keeping tasks for the last minute. Being an Enterprise Resource Planning (ERP) solution MiCasa will help you plan your way ahead regarding inventories.

• Property management services

Tenant communication and constant property maintenance services are everyday tasks for any property manager. Well, you can streamline those tasks with MiCasa. You can automate it all from janitor and plumber services to vendor management. You can also check tenant status when managing evictions or onboarding new tenants to ease your work.

• Purchase and investment management

Purchasing and onboarding new properties and units are important matters for a real estate business. The easy to use MiCasa dashboard lets you track all purchases and investments without any chance of human errors.

• Back office work made easy

Back office work like invoice filling or in-office communication can be streamlined with MiCasa. Setting up meetings or creating a workflow plan can all happen with this software solution.

• Extremely cost-effective

Last but not least, the MiCasa software and its integration plan are highly affordable, making it a favorite among growing businesses. Integrating this software will not come as a big blow to your accounts and will help you reassign your funds to further growth plans.

Why choose KriyaGo to integrate MiCasa?

TheKriyaGo team has years of experience integrating SaaS for our real estate business partners. This has helped us understand that every real estate business has its own specific needs, and no two integration plans can be the same. We make unique and new integration plans for our customers to help them stay ahead of the competition. We individually assess and comprehend each company's business needs we work with and then propose solutions. Here are a few ways we can help you integrate MiCasa into your system and help you grow.

• Diverse and adaptive tech solution

We have helped many companies leverage the best software solutions and features to automate their property management plans. We access each company's market and business goals and budgets and then propose solutions based on them. We do everything from integration to customized solutions and data migration based on what your business demands. When we integrate MiCasa with our team, we will make sure you have the best adaptive tech solution in the market.

• The customer comes first for us

We plan our software integration strategy based on direct customer interviews and interactions. For us, the customer comes first. We will keep everything within your budget and growth plans and solve all property management and internal work needs in the process. We will never let your real estate business suffer from repeated strategy plans. We do our individual research for every business and develop integration plans accordingly customize the solutions. Book a free consultation plan with the KriyaGo team to give us a detailed understanding of your business. It will also help you understand our work process and help you make a conscious decision.

• Constant back and support

Our team understands that onboarding a SaaS solution is a big leap for any business. Even after the integration is done, we will provide you with constant and ongoing back end support. We will help you maintain and mitigate all problems in the system as they come. Our expert consultants will always ensure that you have an understanding of how the system works. We can even offer you offshore help desk solutions and set up a lifetime plan to optimize your resources.

Parting thoughts

At KriyaGo, MiCasa is only one of the software integration we offer. From onboarding Yardi to Procore, we have many other SaaS integration services too. Our team also offers diverse services like back office accounting, lease audits and CAM reconciliation work. Try out MiCasa today and realise its full potential in optimizing your property management plans.

We provide a holistic solution to all real estate business needs. To know about our services in detail give us a call. Talk to us soon to start the journey with us. We are here to help you scale growth all within your budget.

How to shorten the cash conversion cycle and positively impact business

Fri, 02 Sep 2022 09:00:00 -0400

Cash is king, and all business executives swear by it. Poor cash flow makes the daily workings of a company quite a challenge and a daunting task for business managers and executives. It affects your daily tasks and also your long-term business growth plans. Shortening the cash conversion cycle (CCC) is the only way to stop your company's cash crunch and avoid any roadblocks.

The cash conversion cycle shows how efficient your business is in converting business transactions into real money and is a primary key performance indicator (KPI) of a brand. How do you shorten this cycle? Read this blog to learn about some of the best-used techniques to shorten the cash conversion cycle that most business executives follow.

Why do you need to shorten your cash conversion cycle?

The cash conversion cycle is the time companies take to make a sale and reflect the same sale money on their bank accounts. This process is the conversion cycle, and it takes much longer when payments are stuck on the pipelines or the clients’ or vendors' ends. But cash is like the blood of the business that keeps it going. Shortening this conversion cycle will help you gain a healthy financial system and manage your payroll, budgeting and forecasting, and all other back office accounting work.

Top 8 tips to shorten your cash conversion cycle

Here are the top 8 tips from the industry experts to help with your CCC.

1. Upgrade your cash flow management

Keeping track of all your payments, incoming and outgoing, is a major part of the cash flow management process. Incoming cash is made from payments received from clients, vendors, asset sales, loans, and interest on idle cash in the bank. Outgoing cash consists of payrolls, invoice payments, daily operation expenses, and bill and interest payments to various parties.

The strategy and leadership must take a closer look at all of these to get a stronger hold on the cash flow management to shorten the cash conversion cycles and make cash from sales faster than before. Releasing payments from your side as soon you receive services and sending out invoices immediately after making a sale is essential to speed up the cycle.

2. Never extend credits

No matter how well you know a client or your personal relations with them, you should never extend your credit timelines for anyone. Keep it professional and demand payments exactly when it was agreed upon during the sale. Sending reminders to your clients at regular intervals to remind them of upcoming payments. If you extend credit for one client, it is sure to open up the floodgates, and many more of your clients and vendors will ask for such extensions, and your cash conversion will suffer in the process.

3. Restructure your Accounts Payable time periods

You can renegotiate with your vendors and service providers about restructuring your payment schedules to stabilize the the cash you have in hand. Though it is always good business to disburse payments as soon as you receive a service and helps builds good relations with partners, you can try negotiating if you have a cash crunch.

4. Efficiently manage your inventory

Turning over your sales inventory is a very effective way to shorten your cash conversion cycle. The faster you drive up sales and manage your inventory better, the more money comes into your banks and converts into an actual money-making business. You can even integrate CRM software into your system to keep track of your inventory in real-time and stay on top of your game. Do not keep inventory management for the last moment; pre-plan your steps with a good look at your business process overview.

5. Take help from your bank's treasury management

Your bank will help you manage your holdings better to get better cash liquidity, speed up your asset sale process, and help in amping up business. There are treasury management options that can help you in your cash collection process from clients and vendors alike. This will further help you assess your financial risks and take measures to mitigate them before they become a major hurdle for your business.

6. Improve your Accounts Receivable process

You can start asking for up-front payments and immediate release of funds when you are running low on cash. You can also use an automated AR system to fasten the process. This will also help with smoothening your supply chain system and getting cash into your bank accounts much faster than before. Do not negotiate with your clients on payment terms, and you can even start fines for making late payments or bounced checks. This will push them to pay on time and help in your CCC process.

7. Offer easy-to-use payment options

Business Insider reports say that companies that use digital payments cut down costs by 81% and get more than 73% faster payment processing cycle. This is mostly because your clients do not have to travel to you to collect invoices and process payments physically. This work gets done remotely when you keep an electronic and easy-to-use payment method handy.

You can also automate your AP process with the latest software integration and best technology selection. This will automate the whole invoice processing and payment collection process. That is why more than44% of businesses are already looking to automate their whole AP system.

8. Re-evaluate your order to payment cycle

Many businesses have multiple layers of the technical processes for converting sales in money. Like invoice generating, clearing them with authorities, and verifying them with multiple departments, these might be redundant and slow down your overall cash cycle. You need to reevaluate which processes can be done without and omit those steps to get the cash rolling faster.

Parting thoughts

At KriyaGo, our team of accounting experts provides the best strategies to speed up the cash conversion cycle process. We work with an experienced set of people who have helped many small businesses in improving their financial health and increasing the cash flow in their banks. Our outsourced accounting services will not let you sweat over tedious back office accounting work and will help your business thrive amidst all odds.

Talk to us to find out how we work and how our accounting team can help you.

How to solve these top 8 lease accounting nightmares

Wed, 31 Aug 2022 09:30:00 -0400

Lease accounting is the process of understanding the impact of your companies leasing activities on its finances and cash flow. Though this sounds simple, it is a much more complicated process in reality and has put many companies under the FASB and SEC radar quite easily. If you do the lease accounting work in a hurry just to somehow close your books at the year-end, you are bound to set up your business for much bigger problems with the federal bodies. Once that happens, your whole portfolio and all your assets, finances and business process overview will be questioned and looked into. It is better you do not let this become a roadblock sooner rather than later.

Read this detailed article to learn all about the regular nightmares of lease accounting and how you can solve them by replanning your management strategy and leadership.

Why is lease accounting a nightmare?

Transitioning to and keeping up with ASC 842, IFRS 16, or GASB 87 standards is a humongous task, one that can not happen without a professional lease expert. If you are a real estate business owner or property manager, you probably already have nightmares about working with these new lease accounting standards. From understanding the complicated terms to implementing them on time, the journey is tedious. To make the journey more pleasing, closing all your balance sheets on time and not letting compliance be such a scary word, you need to hire a professional lease expert. This is why Deloitte research data says that compiling lease data and analysing them will be the most crucial part of lease accounting, and as real estate business owners, you need to take that into account.

8 biggest problems in lease accounting

Though there might be many problems in lease accounting that are particular to your business alone. But there are many lease accounting problems that become a nightmare for most real estate businesses; here is a closer look at the biggest and most common ones to give you a head start.

1. Misinterpreting the lease standards

Due to the new lease standards, there is a lot of chance of interpretations and space for judgement calls which can be open to human errors. This makes compliances harder than before, and lease audits can land you in many problems. You need to be well researched and well-read about the leasing accounting standards not to keep things open to interpretation. You can also use updated lease accounting software to help in the process, along with lease accountants.

2. Decentralized leasing data

According to theForbes news report, more than 39% of companies use decentralized data systems to store and manage their lease data. This means that during compliance and accounting work, they need to gather information and data from multiple locations and stakeholders, which can be available in various forms like PDFs, Excel sheets, docs and even physical paperwork. Finetuning these, getting a hold of them on time and getting them organized into a centralized system at the year-end when deadlines are hanging over your head can be a crushing task for the team.

3. Inappropriate technology usage in lease accounting

Spreadsheets might be your accountant's best friend, but most companies still use spreadsheets to do all their lease accounting work. Survey saysthat companies have come to realise that they spend 25% more time on lease accounting due to their extensive use of spreadsheets. The new standards are so complex that a simple spreadsheet data collection can not be a long-term solution to this complication. You need to make a major shift to a new age lease accounting software and integrate it into your system to streamline the process and speed it up.

4. Being unaware of the risk of non-compliance

All real estate business owners are aware that non-compliance can lead to penalties and fines, but these are the two most basic side effects. There is much more to think about, as non-compliance can lead to bad audit reports, additional audit fees, and investors and shareholders pulling out of your company due to a lack of credibility in business standards. The effects of these can grill you for a long time if you do not take a closer look at its implications.

5. Hurrying through the process

If you are a real estate owner, you are sure to have many leases that you need to look into; if you start the data collection and accounting process before the deadlines, then it is sure to become a nightmare. Not checking data for authenticity and not categorizing the leases can all be fatal; you need to start way ahead of time to avoid this.

6. Having no game plan for lease accounting

You will set yourself up for failure if you do not have a long-term plan for your compliance work. It is not a one-time thing; it recurs every year, so you need to have a basic structure for your lease accounting process. Get the right tools, software, and expert help in place before you start out on this journey to avoid losing sleep over compliance work.

7. Leadership not taking software usage seriously

Even if property managers and accountants understand the need for the latest tools and lease accounting software, your strategy and leadership might not agree, and that can be a big cause of concern. You need to reason this out with them that almost 90% of spreadsheets have errors, and that can be a cause for serious non-compliance; you can also make them understand that a new age software will help you stay updated with standards in the long term.

8. Non-compliance to standards

If you are facing any of the problems above mentioned then you are sure to go down the road of non-compliance and that is the worst nightmare of all. That will shake up your business, affect your financial health and cash flow and hamper your business image.

How do you solve these lease accounting nightmares?

At KriyaGo, our team of lease accounts and tech experts are always up to date about the new compliances and standards. From doing your lease abstraction work to doing your lease audit work, our outsourced accounting services have a solution for all your back office work. We can even help youintegrate the latest lease accounting software along with your existing ERP system.

Get in touch with us today to start the journey!

KriyaGo Blox – Your one-stop solution to all property management needs

Mon, 29 Aug 2022 09:00:00 -0400

Real estate property management is much more than just making money. If you are a property manager and owner, it is challenging because you are forced to wear a number of hats. There are endless tasks that no one has prepared you for. But these property management tasks are crucial nonetheless and needs extreme efficiency to run a profitable business.

How you manage your property and what property management best practices you adopt will make or break your business. There are many property management software out there in the market to ease this process. But each software might have certain features that you might need. Do you buy them all and waste money? No. That is why KriyaGo Blox is here to help you integrate the best property management features from the best software out there. Read this blog to know how this will work.

Real estate property management is tricky

Real estate property management is exceptionally tricky and a complicated task. The tasks never end from tenant management, asset management, rent collection, maintenance, investments, and tenant onboarding. It is an almost 24*7 job which is nearly impossible for a human to constantly keep at it. The pandemic has left a further mark in the industry when physically visiting properties and meeting tenants has become an issue. This is why property management software use is on the rise.

How will KriyaGo Blox better your property management?

The right technology selection in project management can change the whole course of your real estate business. You are probably already using one or two property management software to manage your work. But the main problem here is that you can not use data from all software at one time under one dashboard. KriyaGo Bloxis your solution to this. Here’s how:

• Cut costs and save labor

When you integrate multiple property management software with KriyaGo Blox, you free-up valuable time for your employees. You can choose to work with a smaller staff to save costs or reassign this workforce to other matters of importance. With our services, you can also cut costs by not completely investing in each individual software. You can simply subscribe and pay for the features you use and positively impact your ROI.

• Easy data management

When you have multiple software to manage your real estate business, there are important data in each one. When you work with KriyaGo Blox transferring and using this data becomes more accessible. We can help you transfer and use this data from one system to another without disrupting work. You will not lose valuable data and easily access them from our dashboard.

• Seamless integration solutions

Are you finding it difficult to constantly keep shifting between multiple software to get the job done? Want to use Procore from construction management and Yardi for property management and back office work? KriyaGo Blox can seamlessly integrate all of these features under one platform. No more back and forth with your work between multiple platforms when you get us on board.

Unique solutions that KriyaGo Blox offers

Our technology experts and property management consultants will help you optimize your application solutions all under one platform. How do we do it?

• Connect multiple software

Back office work to budgeting forecasting or asset management, you can leverage the most popular software solutions in the market to manage your properties. Our team can help you connect software like Yardi, MRI, Procore, SAP Concur, Office 365 and many more to ease your property management plans. We will connect with you to understand your property management needs and suggest the most effective solutions. We will help you understand the software features which will work best for your real estate business and integrate them accordingly.

• Customized features and build new apps

At KriyaGo, we will help you customize and develop new apps and features using software tools like Microsoft Logic and Power Automate. Do you think your property management plans are not complete with the available features on this software? Software as a Service or SaaS integration and customizations in its proper form knows no bounds, and we are here to help you realize its full potential.

• No more complication between multiple APIs

If you integrate multiple software into your system, you also have to manage multiple Application Programming Interfaces (APIs). That alone can be a living nightmare for a property manager. You focus on your business growth plans while we take care of the APIs.

• Easy to use dashboard

When we integrate all the software features under one simple dashboard, you will not have to spend hours understanding its functioning. Using technology can be a daunting task, and we understand that your life is already very complicated in the real estate business. With our user-friendly dashboard and simplified interface, no more spending long hours on “how to” service calls.

How do we bring the best software solution together?

KriyaGo Blox is specifically designed to meet all property management needs. Our long years of experience working in real estate firms has helped us understand the core areas of importance. Managing properties and multiple systems can be an enormous burden on property management professionals. That is why the selection of technology in project management and finding a cohesive solution to making them work together is essential. We like to put it this way; our platform wants to make all the software “talk to each other”. We built this platform with the belief that these software need to coordinate and function well with each other to impact your business positively.

Final thoughts

Do not let the increasing property management needs and technology solutions intimidate you. Don’t worry! The KriyaGo team is here to help. We have designed our system to improve your workflow and smoothen the software integration process. No more breaking a sweat on complicated and multiple software integrations into your real estate property management plan. You can have it all with us, from cost-saving to customisations and easy-to-use dashboards.

Don’t wait to start the journey. Talk to us soon! Give us a call and discuss this in further detail.